Europe’s day ahead electricity rates skyrocketed this week, especially in central and northern European markets, up by 70% for consumption on Tuesday.
Major increases in wholesale electricity prices were announced for markets such as Germany’s, in Sweden, Hungary and Greece.
Analysts and power supply executives who spokes with ot.gr referred to the so-called dunkelflaute phenomenon, a German term that roughly “dark wind lull” or “dark doldrums”.
The term aims to describe a period when wind and solar energy sources produce less electricity, with the shortage of capacity filled by conventional power sources, i.e. plants fired by more expensive fossil fuels.
Prices in Greece’s wholesale market on Tuesday were up by an average of 16%, compared to a whopping 79% in Norway and 40% in Sweden.
In terms of the megawatt price and on a regional basis, Hungary’s median rate was 306 euros per MW on Tuesday; Romania and Bulgaria 268 euros and 202.22 euros for Greece.
